Terra Balcanica Resources, through its subsidiary Tera Balkanika doo, has received a gold and copper exploration licence at the Ceovishte property on the northern flank of the Kopaonik metallogenic zone in southern Serbia.

Granted by the Serbian Ministry of Energy and Mines, the new licence covers 80.36km² of highly prospective land for gold and copper exploration in the Raska mining district.

With the new licence, the firm’s total land package in the country has been increased to 130.36km², making it the second-largest mineral exploration licence holder in the Raska district.

The new exploration license is located 280km south of Belgrade and 20km north of the town of Raska. It features many Pb and Zn deposits, Cu-Au porphyries, and satellite epithermal deposits.

Terra Balcanica Resources CEO and president Aleksandar Mišković said the new licence is core to the firm’s strategy of building a regional, multi-jurisdictional portfolio in the Western Balkans.

Mišković added: “By bringing Ceovishte into our portfolio we expanded our Serbian footprint by 160% to 130 km² in addition to 216km² held in Bosnia-Herzegovina at our high-grade, polymetallic Viogor-Zanik project. We are excited by the geological potential of Raska where we have now gained exposure to both gold and copper with Ceovishte.

“Significantly, the most prospective area for high-grade gold located in the northwesterly quadrant of Ceovishte is concealed by a thin overburden and has not seen any historical drill testing. This provides us with a unique exploration upside to search beneath a shallow cover resulting in quick drill target definitions.”

The firm will now undertake sampling for soil geochemistry.